CPC to cut fuel prices for the first time in 7 weeks

Taipei, Feb. 4 (CNA) State-run oil refiner CPC Corp. Taiwan said Sunday it will lower its gasoline and diesel prices this week, its first reduction in seven weeks, following a drop in international crude oil prices.

Effective midnight Sunday, CPC said, its gasoline and diesel prices will be reduced by NT$0.2 (US$0.0068) per liter.

After the adjustment, prices at CPC gas stations nationwide will be NT$24.9 per liter for super diesel, NT$27 per liter for 92 octane unleaded, NT$28.5 per liter for 95 unleaded and NT$30.5 per liter for 98 unleaded, the company said.

The decision to lower fuel prices was based on crude oil prices, which fell this week following an increase in oil production in the United States, CPC said.

CPC Vice President Ann Bih (???) said the winter season in the northern hemisphere is usually a peak period for oil usage.

The market, therefore, sees the current oil prices as relatively high and is anticipating a further drop, she said.

CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.

Based on the latest fluctuations in international crude oil prices, CPC's average price of crude oil was calculated at US$67.05 per barrel this week, a decrease of US$0.83 from a week earlier, according to its website.

Source: Fucus Taiwan